Can you believe the first half of 2017 is nearly gone. As we approach mid-year, business owners with a formal performance evaluation process in place will launch into the mid-year review. Even if your brokerage doesn’t offer one, give one to yourself. If you’re an entrepreneur, give your real estate business a mid-year review. The mid-year review is an excellent way to get career-focused face time with yourself and your team.
Get candid feedback on what isn’t working so you can course-correct the balance of the year. Hear what is working so you can do more of that and focus on what you do well and where you are getting results. Tracking and measuring is an incredibly important activity for any business owner. My mentor always joked with me and said “Wade just because we don’t look in the mirror doesn’t mean we are not getting fat.” It is half time for our business year and let’s take a look at the mirror!
3 Simple Steps to Prepare for Your Real Estate Half Time Review:
#1 Itemize your goals and review the metrics used to measure them. Based on your business plan and goal setting in January, what did you agree to work on and how are these measured? Do you have specific business targets to hit, such as sales generated or project profitability margins or number of new clients? Do you have qualitative metrics to hit – e.g., to tighten your communication style, to broaden your strategic focus? Remember to include what has changed. The mid-year review is a good time to confirm changes of direction with your business.
#2 Assess performance to date and solve for gaps. If you have sales to generate or new clients to enroll, are you halfway to your annual target? If not, is your target too aggressive or do you need more help? Prepare an explanation for why you are behind. Ask for the resources you need. Share your plan for catching up. It could be something as simple as showing that the majority of sales typically occur in the second half of the year (by preparing this in advance, you are not caught off guard). Taking the time to objectively review your performance can serve as a wake-up call which can jolt you out of the day-to-day tendency to drown in busy work. Most people have the tendency of gravitating toward what we call 'busy work' work that makes you feel like you're doing something impactful, when in reality what you're doing is not impactful at all.
#3 Have The End In Mind & Take Action. So you’ve reviewed key goals and metrics, assessed your performance, and solved for gaps. The mid-year review is not just about you helping your business to hit its goals, but also a time for you to position yourself to hit your goals. My mentor Gary V said ideas are crap and implementation and execution is what it is all about and G.S.D. Get Stuff Done! Visualizing goals is perfectly fine, but excessively fantasizing is a grave mistake. Instead of setting “goals” around lofty outcomes, work on tangible, actionable things that can affect the here and the now and finish your year strong.
Stop fantasizing and take action towards your mid-year review today!
Strength and courage,
Wade
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